Tips for Buying from Online Marketplaces - Money Tip Tuesday

Online shopping is a quick and easy way to buy what you want from the comfort of your own home. However, you need to be careful to make sure you don’t get scammed. In this tip, we share some tips on how to safely buy from online marketplaces. 

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Transcript:

Welcome to Money Tip Tuesday from the Making Money Personal podcast. 

If you’re planning to buy something from an online seller, an important first step is to make sure the website or the seller is trustworthy. For the website, make sure the URL starts with https. The https signifies the website is secure and has a layer of security that encrypts your information. Most browsers have a lock icon next to the URL to show that the website is secure.  

Check for poor grammar and spelling mistakes. Online marketplaces that have poor grammar, spelling errors, and weird formatting were most likely put together quickly without much thought and may not be legitimate.  

Most online marketplaces, such as eBay and Facebook, have seller ratings. Look at the seller reviews before buying to see what other people have said about them. You might learn that other customers have had a bad experience with the seller or were even scammed. You can also check the product reviews too, to see if it is worth buying. If possible, check the quality of the item before making the purchase. Request the seller send you additional pictures or if you can meet in person to look at the item yourself.  

Check to see if the online marketplace has some kind of consumer protection or if the seller has a return policy. If there isn’t consumer protection, the website might not be a safe place to buy from. You should also check other websites to see if they offer consumer protection. While there, look to see how much the other websites are selling the item for. If it is below market value, it might be too good to be true and most likely a scam. 

In addition to these cautionary steps, it is important  to protect your personal information. Don’t give out your personal information to a seller that seems untrustworthy. Use your credit card instead of your debit card. When meeting in real life, use cash or a person-to-person payment app. When buying online, always make sure it is on a secure internet connection. 

If you think you have been scammed, contact the seller and/or the marketplace. If you are not satisfied with the outcome and you have been scammed, report it to the Federal Trade Commission.  

We hope you found this Money Tip helpful. If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org and don't forget to like and follow our Making Money Personal FB page and look for our sponsor, Triangle Credit Union on Instagram and LinkedIn to share your thoughts.  

Thanks for listening to today’s Money Tip Tuesday and be sure to check out our other tips and episodes on the Making Money Personal podcast.